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J
jlfagan69
February 20, 2024
Question

I have used Turbo Tax Business to file for an LLC for years & now changed to an S-Corp. I must enter all the data from scratch. How can I enter prior purchased assets?

  • February 20, 2024
  • 1 reply
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1 reply

PatriciaV
PatriciaV
February 20, 2024

Enter each asset under the Business Assets section. You will need the Depreciation Report from the last LLC tax return. This report provides the in-service date, cost, and prior depreciation taken. The accumulated depreciation for this year is the total of Current plus Prior Depreciation shown on the report.

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